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WEBSTER FINANCIAL FILES REGISTRATION STATEMENT FOR CONVERTIBLE PREFERRED STOCK OFFERING

 WATERBURY, Conn., Nov. 25 ~PRNewswire~ -- Webster Financial Corporation (NASDAQ: WBST) announced the filing today of a registration statement with the Securities and Exchange Commission under the Securities Act of 1933 with respect to a proposed offering of up to 230,000 shares, but not less than 150,000 shares, of Series B Cumulative Convertible Preferred Stock at an issue price of $100 per share for an aggregate offering of up to $23 million (or $15 million if the minimum number of shares is issued). The offering is expected to be made by an investment banking firm as selling agent for Webster Financial Corporation on a "best efforts basis" primarily to institutional investors.
 Webster Financial Corporation is the holding company for First Federal Bank, a federal savings bank. In accordance with Webster's agreement with the FDIC, half of the net proceeds of the offering will be used to redeem a portion of the Series A Perpetual Preferred Stock issued to the Federal Deposit Insurance Corporation in connection with First Federal Bank's recent acquisition of most of the assets and all of the deposits of First Constitution Bank in an assisted transaction. The balance will be used primarily to increase the capital of First Federal Bank.
 The offering will be made only by means of prospectus. The offering is expected to be as soon as the registration statement has been declared effective by the Securities and Exchange Commission.
 -0- 11~25~92
 ~CONTACT: John V. Brennan of Webster Financial, 203-755-1422~
 (WBST)


CO: Webster Financial ST: Connecticut IN: FIN SU: OFR

TM -- NE008 -- 1612 11~25~92 15:45 EST
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Publication:PR Newswire
Date:Nov 25, 1992
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